Vancouver Down, Toronto Up.

House prices never go down in Vancouver, except when they do.

But what about Toronto? The city that seldom thinks about BC?

Prices are up 11.8 per cent from a year earlier.

“In fact, there’s anecdotal information that suggests that foreign investors … are now turning to other cities that are not as expensive as Vancouver, because even that market’s gotten out of reach for wealthy foreign buyers.”

A separate report from real estate agents showed a 2.4 per cent monthly rise in sales in October and a 14.6 per cent surge in annual prices as buyers rushed to get into the market before tighter mortgage rules could take effect.

Taken together, the data showed Canada’s market cooling in most markets outside of Toronto, where a building boom and rising household indebtedness have spurred fears of a U.S.-style collapse if borrowing costs, already rising, spike further.

“Almost all seems to be well in Canada’s housing market, with most regions enjoying moderate sales activity and price gains, Alberta’s hard-hit market stabilizing, and Vancouver’s zany market returning to earth,” Guatieri said in a research note.

“However, accelerating prices in Toronto and its surrounding areas will only increase the chance of a correction if interest rates rise too sharply … and the chance of that happening is now somewhat higher under a new U.S. president.”

Read the full article over at BNN.ca

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Best place on meth
Guest
Best place on meth

Prime Minister Beiber needs to get his shit together and pass a law that foreigners are banned from buying property anywhere in Canada except for Saskatchewan.

And not in Regina or Moose Jaw.

YVR
Guest
YVR

Nah, keep Toronto going up. That way they won’t notice Vancouver is crashing. The Feds will keep credit tightening while the banks keep jacking up mortgage rates.

patriotz
Member

As the Liberal government has acknowledged (in its response to that petition), every Canadian province considers control of foreign RE ownership to be its own responsibility and the Feds would be nuts to get into a fight with all 10 provinces just to try to please some people in two metros.

They also know perfectly well that if the people of BC want a government that will deal effectively with foreign ownership they can elect it next spring.

space889
Member
space889

As usual, no one outside your little circle jerk anonymous keyboard warrior group gives a shit of what you have to say.

I wonder if after your master degree, you are actually working for minimum wage under some immigrant lady who studied feminism rights & power at UFV or University of Nanaimo and basically feel the need to beat you down & humiliate you everyday for all the wrong all men did. Maybe that’s why you support Trump so much and can’t afford a house you think you deserve with your useless masters degree.

Combat roach
Guest
Combat roach

Interesting observation… Are you perhaps a holder of a certificate from a prestigious Chinese Traditional Medicine Peoples University currently working as a front desk pimp (a.k.a. receptionist) in a massage parlor on the Kingsway street while tracking your condo “investments” and posting garbage on VCI?

space889
Member
space889

Your master’s favorite phrase:

Nobody gives a shit what you think, turd.

bullwhip29
Guest
bullwhip29

seriously…STFU you A-hole!

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Best place on meth
Guest
Best place on meth

Stop copying me, scumbag.

Seriously, that ‘s all you shameless vermin know, copying and stealing.

Tac
Guest
Tac

So Canadians should be also be banned from buying anything else around the world too.

You should not be able to buy stocks and bonds of other countries because they also inflate given excess demand.

space889
Member
space889

Apparently when Canadians are buying foreign assets, they are helping out those poor chaps, a humanitarian good deed!

Newcomer
Member
Newcomer

Absolute generalizations are always wrong 😉

Combat roach
Guest
Combat roach

Never heard that any “Canadians buying anything else around the world” resulted in epic money laundering, caused housing crises, got local people leaving cities and deteriorated societies. So yes generalizations are always wrong.

Best place on meth
Guest
Best place on meth

Tac, you fucking imbecile:

Stocks are not a neccessity of life so people can trade them as they wish, unlike houses which people ACTUALLY DO NEED FOR SURVIVAL!!!

Do I make myself clear or must I bring in the puppets?!

Tac
Guest
Tac

Survival?! There is no lack of places to rent in part of Canada

You can also buy a house where cost of housing is lower. Once the demand is lowered, price go down.

Shut It Down Already
Guest
Shut It Down Already

See? All the hatred is for the good of society. It’s definitely not because pretending to give a shit whilst blaming Chinese for the city’s housing crisis is a convenient vehicle for his racism, and definitely not because he thinks his $1400/month housing costs entitle him to a Point Grey SFH. Neither is it because he’s a jizztrumpet who tries to bully his way through any argument in the hope that the other side backs down so he can run around like a winner.

Puppet time!

YVR
Guest
YVR

Vancouver’s Housing Market Has Seen 42% Of Its Money Vanish

As Toronto and surrounding regions hit new heights, Greater Vancouver’s market is crumbling. After peaking earlier this year, the amount of money flowing through it shrank by 42.1 per cent this October from the same month last year.

In October 2015, there were $3.52 billion-worth of transactions carried out through the Multiple Listing Service (MLS). By October of this year, that had shriveled to $2.04 billion

http://www.huffingtonpost.ca/2016/11/15/vancouver-housing-toronto-crea_n_12988116.html

YVR
Guest
YVR

What a difference a year makes.

October 2015 Vancouver $3.52 billion is sales vs Toronto $5.55 billion (+57%)

October 2016 Vancouver $2.04 billion is sales vs Toronto $7.45 billion (+365%)

Some Guy
Guest
Some Guy

Teranet index showed Vancouver prices down 0.6% in October. Worst October result in the index ever aside from 2008

Tester
Guest
Tester

test

Tester
Guest
Tester

Dear VCI. My comments (nick: Slava) are being put in moderation and not appearing? Am I banned now? If so, why?

space889
Member
space889

Maybe only racists hateful comments against the mainland Chinese are now allowed.

Newcomer
Member
Newcomer

I think it’s a glitch. Some of my comments went to moderation while others didn’t. Seems to be random.

Skook
Member
Skook

If you include any coding in your post, it will go to moderation.

Heyo
Guest
Heyo

http://m.huffpost.com/ca/entry/12990192
The sorry state of Canadian Housing

Newcomer
Member
Newcomer

So which is it? Did the 15% tax bring Vancouver to a standstill and send buyers to Toronto, or is 15% nothing to the super rich Chinese?

Diadora
Guest
Diadora

The slowdown happens a couple of months before the 15% tax. Its because the prices has reached its plateau, capital flight from China slowed and Toronto is a much more reasonable buy than Vancouver by the Locusts.

bullwhip29
Guest
bullwhip29

rennie and some of the other big developers like concord pac were tipped off weeks (maybe months) in advance of the announcement. it is no wonder that the sales guys were doing a major hard sell with concord brentwood other similar projects just weeks before the news and that sales of big ticket properties suddenly went quiet

No Money Down
Member
No Money Down

What’s with White Rock Detached?

Sales down 91% and 52 MOI?

https://www.zolo.ca/white-rock-real-estate/trends

bullwhip29
Guest
bullwhip29

plenty of reasons…

– much of the recent buying was by HAM
– many locals saw white rock (and tsawwassen) as last opp to get into detached view home that is within few minute drive or even modest walk to beach that isnt also a carbon copy of other lifeless neighbourhoods in gr vanc that have been sold off to the highest bidder
– city of white rock council walks to beat of a different drum
– area is too hilly with many winding roads that some new residents are not used to
– living close to the border is far less desirable now that the loonie has lost 30% of its value not to mention the recent election results
– no rapid transit option makes it way more difficult for landlords to find tenants

Funkey Monkey
Guest
Funkey Monkey

Birch bay is wash state is half the price of white rock.

southseacompany
Member
southseacompany

“Trump effect blamed as mortgage rates rise and bonds tumble: Don Pittis”, CBC News

http://www.cbc.ca/news/business/rbc-mortgage-rate-rise-bonds-trump-1.3851491

“Can falling house prices be far behind if mortgages go the same way as bond interest rates?”

Oh oh
Guest
Oh oh

Don Pitts sure changed his tune from his July analysis that interest rates weren’t going higher anytime soon…and real estate is a investment. He is a pitiful journalist

Newcomer
Member
Newcomer

He’s a great modern journalist. He repeats the conventional wisdom of the day and tells people what they already “knew.” There is no better way to sell advertising.

history
Guest
history

i agree modern journalism caters to the advertisement department

space889
Member
space889

Because everyone just knew The Donald will be elected as the 45th US President right?

history
Guest
history

yoù didnt, and it shows

southseacompany
Member
southseacompany

“Here’s how much mortgage payments will go up as banks hike rates”, Global News

http://globalnews.ca/news/3067913/heres-how-much-mortgage-payments-will-go-up-as-banks-hike-rates/

“Some homeowners across Canada, and those trying to enter the market, should expect to spend more money on mortgage payments as both RBC and TD Bank have raised mortgage rates in recent weeks.”

“And it’s only going to get more expensive.”

southseacompany
Member
southseacompany

“Markets are almost certain the Fed is hiking interest rates in December”, Business Insider

http://www.businessinsider.com/markets-almost-certain-fed-hiking-interest-rates-in-december-2016-11

“Bloomberg’s World Interest Rate Probability (WIRP) function, a market-based tracker of the likelihood of different interest rate corridors, now shows investors are pricing in a 96% chance the Fed raises its key interest rate 25 basis points to a range of 0.50% to 0.75% at its upcoming meeting on December 13 and 14.”

Diadora
Guest
Diadora

Not a 100% yet, they don’t call her Chicken Yellen for nothing. The US needs a strong and more decisive person in charge of Fed Rev.

bullwhip29
Guest
bullwhip29

yeah, don’t bet on things that look too obvious. imho one more big rug pull before year end to ensure mkts go parabolic into final days of 2016 = massive bonuses for wall street.

southseacompany
Member
southseacompany

“Interest rates will go up, says former Bank of England deputy – but it could take many years”, The Telegraph

http://www.telegraph.co.uk/business/2016/11/16/interest-rates-will-go-up-says-former-bank-of-england-deputy—b/

“Interest rates will start to rise in coming years as the population ages and the middle-aged savers who dominate the economy start to retire and become spenders, according to Sir Charlie Bean, a former deputy Governor of the Bank of England.”

HAMster
Guest
HAMster

This Charlie Bean guy has it backwards; when people retire they generally don’t become spenders. When people are middle aged they are spenders on houses, cars, vacations, etc.

Patiently Waiting
Member
Patiently Waiting

How many people are actually saving any money? I don’t know about Britain, but not many here in Vancouver. Lots are going to be working until they die,.

space889
Member
space889

Seems like every bear has investment portfolios into at least hundreds of thousands, all just waiting to pounce on hapless owners when they are down and helpless.

bullwhip29
Guest
bullwhip29

vancouver = ponzi house of cards economy

patriotz
Member

He didn’t phrase it well. What he really meant is that retirees become negative savers, i.e. they spend more than their incomes because they are using up their retirement assets (that includes things like negative mortgages). It your spending versus income that matters, not just how much you spend.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah
Oracle
Guest
Oracle

Palm Springs is a dying town.

Donald T
Guest
Donald T

It won, they just issue more shares to dilute what you own and work for. Built a wall and stop the convertible Bentley carrying the foreign students their 5-Properties moms.

Built the wall.

space889
Member
space889

Hmmm…so you think people in HongKong would like to send their wives and kids to Toronto with its -30C winters and foot tall snow? Or Vancouver where it usually snows at most once or twice a year?

Anyways, happy news for you guys. Mainlanders are on the way out and those classy western educated HKers are now poise to move to Canada again. It’s HK out-migration v2.0 on a bigger scale than the 90s. Best of all, most of those hundreds of thousands immigrants are already Canadian citizens. Woohoo! Think those condos prices are high now? Wait until people used to triple the prices starts coming and bump up regional population by 10% to 20% over 1 to 3 years.

Oracle’s & BPOM’s wet dream….

bullwhip29
Guest
bullwhip29

makes no difference to a money launderer which city they stash their cash in given that they have no intention of actually living here.

Oracle
Guest
Oracle

It’s an Asian city now…in case you haven’t realized it yet. Money laundering is now secondary.

Newcomer
Member
Newcomer

You say that like it’s a bad thing.

Foo Man
Guest
Foo Man

ever been to Richmond?

bullwhip29
Guest
bullwhip29

your point?

space889
Member
space889

Uhmm what?! They are planning to send at least their wife and kids here. However is that not having no intention to actually live here?

Oracle
Guest
Oracle

Just goes to show Vancouver has been sold out without a single shot fired.

Funkey Monkey
Guest
Funkey Monkey

Space When is the last time you have been anywhere in Canada other than Vancouver?
I grew up is the prairies lots of South Asian and Pilipino and Chinese there now wasn’t when I grew up. I don’t think they are dreaming of Vancouver since they have businesses, jobs ect.
The largest Asian group immigrating to Canada is Philipinos then south Asian then Chinese.

space889
Member
space889

So, I’m talking about HK migration. There are 300K+ Canadian citizens in HK right now. Most of them were children who migrated to Vancouver during the 90s and went back after univ. Maybe you should learn some history? Most of them have no intention to send their wife & kids to the prairies to run a biz and earn a living.

Bear Vancouverite
Member
Bear Vancouverite
Just to give some context to what space is alluding to. HK recently held city legislature elections in which a number of former China protestors were surprisingly elected to office. China has since stepped in to bar 2 of them from office due to legal technicalities and protests ensued. This is a very big deal in Chinese circles even in Vancouver. I don’t pretend to know what effect it has on the HK residents who are also Canadians. I do believe it will add some pressure for those who may want to seek “more stable” conditions in Vancouver. To be fair, a lot of those citizens of convenience left Vancouver to return to HK after 1997 when it was apparent HK would still be relatively independent. And in general I know of others who even now intend on leaving Vancouver… Read more »
space889
Member
space889

Well, how likely are barring those anti-China councilors going to affect day to day biz? Probably 0. China isn’t going to go crazy with innovation / economy killing regulations, unlike here who thinks regulation solves everything.

Most of what China do realistically have no effects 99% of the time to 99% of the folks. There are a lot of angst among HKers about the economy and the sad fact that their little isn’t the jewel of China anymore, and frankly they aren’t nearly as rich as their poor uneducated uncultured mainland cousins. No longer can they go across the border, flash cash and be treated like kings like in the good old times. Nor do the mainlanders come groveling to HK willing to do any menial job and take any and all humiliations.

Best place on meth
Guest
Best place on meth

No, the mainlanders don’t come to Hong Kong to grovel, but they still come there to piss and shit in places where no decent human being would ever piss and shit.

And innovation? China? What are you, retarded?

They don’t innovate, they just steal America’s ideas.

history
Guest
history

looking forward to your explanation how you and your Hk buddies will be productive citizens in Canada, hasnt been the case for a full generation.

Bear Vancouverite
Member
Bear Vancouverite

Many of my peers, friends and buddies hold STEM degrees or are professionals of some sort and earn wages in careers related to their degrees, even the ones from HK. I think they are fairly productive and respectable members of our society.. You might even enjoy talking to them if you gave them a chance.

history
Guest
history

wages in VANCOUVER

you mus

history
Guest
history

sòrry

wages in Vancouver?

im puzzled

Bear Vancouverite
Member
Bear Vancouverite

The ones out of country earn wages out of country, but when they come back here to live they will have to get jobs here. I consider they will be productive members of the city.

I think all that matters to the rest of us is that if they reside here, they earn wages, pay taxes locally and do their civic duty in various areas.

Hyper-mega-Bull
Member
Hyper-mega-Bull

some do some don’t.

i know that many mainland chinese like to have their babies in quebec because of it has much more generous child benefits. 4 years later they leave.

of course they regret not living in quebec when it comes time to pay for university for their kids since quebec also has very cheap university for residents. i’m sure there are people faking quebec residency to get this benefit, but i can’t confirm it’s happening.

patriotz
Member

Children of immigrants aren’t allowed to go to English public schools in Quebec. That might offset those child benefits.

patriotz
Member

” i’m sure there are people faking quebec residency to get this benefit”

Most of the faking is in the other direction – Quebec residents claiming to live in Ontario to avoid the former’s high income taxes. If you claim child benefits you are of course a resident for income taxes.

ostritch
Member
ostritch

They learn bloody French. And English elsewhere. Where have you been. Clearly not to MTL with your ears and eyes open.

patriotz
Member

In fact I was in MTL a couple of weeks ago and I know that the guys in the kebab joints can speak English. But a couple of hours of English a week in school topped up by Dr. Phil or Jay-Z is not a substitute for a full English education.

patriotz
Member

” to Toronto with its -30C winters ”

Even Ottawa and Montreal aren’t nearly that cold. Have you ever been to Toronto in the winter?

Oh oh
Guest
Oh oh

632 e 20th down to 1180000 another 20k bye bye

Boombust
Guest
Boombust

A house in South Granville at 1611 W. 61st was bought only last March for $3,535,000 and it is now listed for $3,000,000.

Newcomer
Member
Newcomer

Perhaps the bills will reconsider their theory that, when prices fall, owners will simply choose not to sell, and realize that, when prices fall, it is the owners who cannot choose not to sell who set those very prices.

Boombust
Guest
Boombust

Could you put that into English?

Best place on meth
Guest
Best place on meth

As we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns – the ones we don’t know we don’t know.

ostritch
Member
ostritch

Ya. He’s wrong. You’re wronger.

Ulsterman
Member

I posted to my wife’s facebook (she has hundreds of “friends”) the article about YOY prices declining 6%. Almost immediately the comments generally followed the theme that prices wouldn’t go down too much more because, “…people here just won’t sell if the price is too low”. Yup, that’s the level of Vancouver-is-so-special delusion so many people live under here.

Bear Vancouverite
Member
Bear Vancouverite

I struggle against people with that type of response all the time. So far I’m always wrong so it’s hard to really be too enthusiastic in defending my position anymore.

Combat roach
Guest
Combat roach

Typical behaviour for any type of addiction – alcoholism, drugs, junk food, real estate…

Confucius
Guest
Confucius

When the shoeshine boy gives real estate tips, it’s time to sell.

Boombust
Guest
Boombust

Well, considering that prices are set at the margins, they’ll be in for a rude awakening.

Ktown
Guest
Ktown

Yes just like 2 years ago the buyers said they wouldnt buy if it went up too high… hah!

Confucius
Guest
Confucius

Better to lose half a million now than a million in Spring.

No Money Down
Member
No Money Down

1611 W 61st sold for $2.68M in June 2015, and then flipped for $3.5M in March 2016.

Ktown
Guest
Ktown

Someone needs to create a speadsheet with these examples.
Purchased date and price
Sold date and actual price
Thos would be great.

southseacompany
Member
southseacompany

“TD Bank joins Royal Bank in increasing fixed mortgage rates”, CBC News

http://www.cbc.ca/news/business/td-mortgage-rates-1.3854172

“TD Bank has raised its fixed mortgage rates, ahead of a similar move by the Royal Bank of Canada as the costs of borrowing rise”

southseacompany
Member
southseacompany

“Mortgage rates up” CBC’s The National video;

http://www.cbc.ca/news/thenational/mortgage-rates-up-1.3852834

“Renee Filippone reports there is more to today’s mortgage rate hike by RBC than just Donald Trump”

Combat roach
Guest
Combat roach

Yet another “intellectual” asshole using Canadian institution ( university) to lament over a slowdown of locust’s invasion. Is this shill talking his shit on a expense of the Canadian taxpayer? Those people have no shame at all…

“Many of the parents aren’t planning to join their children in Canada right away, but wait until they have retired in the next 10 or 20 years. But what Wu heard from some of the people he interviewed was that the parents are now considering other cities because of the 15 per cent tax.”

http://www.metronews.ca/news/vancouver/2016/11/16/how-international-students-are-changing-vancouver-.html

Bear Vancouverite
Member
Bear Vancouverite

Isn’t it good news that people are considering other cities due to the tax? It means the tax is effective. Imagine how quickly things would happen if all the kids of tax payers were “priced out” of Ontario :).

HAMster
Guest
HAMster

These locust fockers are so entitled they feel they are owed something by Canadian taxpayers. Wu is contradicting himself anyways; he admits the children’s “education” is just so the parents can get into Canada.

Best place on meth
Guest
Best place on meth

This SFU professor should resign and go back to china immediately.

Combat roach
Guest
Combat roach

How’s this garbage even published? Is our tax dollar keeping this asholle Qiyan employed at SFU? Another shill worried about the slowdown of locus’s invasion…

A Simon Fraser University professor is asking whether B.C.’s new 15 per cent foreign buyer tax could have a negative impact on international students whose families have taken on considerable financial risk to get them a coveted Western education.

Many of the parents aren’t planning to join their children in Canada right away, but wait until they have retired in the next 10 or 20 years. But what Wu heard from some of the people he interviewed was that the parents are now considering other cities because of the 15 per cent tax.

http://www.metronews.ca/news/vancouver/2016/11/16/how-international-students-are-changing-vancouver-.html

Oracle
Guest
Oracle

“Coveted education”

Hahaha. No shame left in professors.

Dumbass knows it’s all about getting a PR card.

Newcomer
Member
Newcomer

Have a freind who listed in September. He’s dropped his price once and is about to drop it again. He has also told his realtor that, if she can’t sell it at the new price, he’ll find someone else willing to try. The new price is still 20% above last year’s theoretical price. Must suck to be a realtor at the moment.

Boombust
Guest
Boombust

Realtors will be putting on the squeeze soon enough.

Oh oh
Guest
Oh oh

Banks upping rates. .rumors realtors are too as it now takes some effort to sell a property so they want more commission.

Combat roach
Guest
Combat roach
specuskeptic
Member
Bag it and tag it
Member
Bag it and tag it

All 3 NPA members voted against it. Last election I voted for NPA in pretty much every category as a protest vote against Vision and Gregor, but I now plan to vote Vision next time around since I don’t want there to be a reverse in course on issues like this.

Best place on meth
Guest
Best place on meth

I’m with you, Vision is bad but NPA is disgraceful.

Chinabuyeverything
Guest
Chinabuyeverything

I am truly concerned for Canada. By resting on our laurels of non productive home price growth, we have lost a decade and are now lazy.
Not a great thing to be in this highly competitive global environment.

Oracle
Guest
Oracle

Be concerned about yourself. The homeless population is exploding and no one seems to give a damn about them as they drive by.

Canada is a place to exploit now.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

You’re right. Homeless increasing exponentially and sadly no one seems to care.

Funky monkey
Guest
Funky monkey

You are totally right!

UBC in Crisis Mode
Guest
UBC in Crisis Mode

Vancouver west side SFH sales
September: 59 sales
October: 66 sales
Remember these are multi-million dollar houses and purchased by foreign money (not foreign persons)

Combat roach
Guest
Combat roach

Fucks are regrouping but continue with their cunning shit about laundering and stashing money here. Until governments realize that we are under brutal attack by foreign organized crime and respond seriously in defending Canadian sovereignty nothing will significantly change. They are organized at all levels, social, political, financial and very motivated striking directly or using numerous 5th column in meeting their strategic objectives.

Oracle
Guest
Oracle

blame the politicians and strategically placed bureaucrats.

patriotz
Member

It’s been pointed out here that even most offshore buyers are getting financing from Canadian banks for over 50% of the purchase price.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

Polina just keeps coming back ! So she knows she’s getting flagged. Must mean running out of options to keep replacing flagged ads.

http://vancouver.craigslist.ca/search/sub?query=polina&availabilityMode=0

Best place on meth
Guest
Best place on meth

Just e-mail her and let her know the city has taken a great interest in her numerous short term rentals and will be following up with her shortly.

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